Stated in the official announcement on the tender offer today, the tender offer is supposed to fulfill Capital Market Watchdog’s regulation on taking over a public company.

On last Friday, Vallar had completed to acquire 75% shareholding of Berau Energy or equivalent to 26.18 billion shares from PT Bukit Mutiara at a price of Rp540 a share. Previously, Bukit Mutiara, owned by Recapital Advisors with its ultimate shareholders Indonesian businessmen Rosan P. Roeslani and Sandiaga Uno, controlled 90% of Berau Energy shares.

The tender offer price was higher than average price of highest daily shares traded in Indonesia Stock exchange for a period of 90 days before the taking over action of Berau Energy was announced on November 18,2010. The share of Berau Energy was traded higher by 1.85% to Rp550 per share this afternoon.